Do Economists Understand the Quality of Our Lives?

When i was a sophomore in college, i was declared a joint major between psychology and economics. And that i showed up in my first economics class, and the professor wrote on the board that quality of life was a function of consumption and savings. That is the dumbest equation i have ever seen. My happiness has very little to do with how much i consume and how much i save? Do economists understand at all what people care about and what drives the quality of our lives? I'm wondering if i gave up uneconomics too soon. Do you think i should have?I should have rethought my my distaste for those equationsy, i think you should have. But i understand